Icici Lombard — Charging 25% of policy amount as cancellation fee

Address:

Mumbai City, Maharashtra, 400069

I bought a policy from ICICI LOMBARD's agent over a telemarketing phone call (One of the worst mistakes of my life). Within few days, I wanted to cancel the policy and tried to contact him but he was unavailable. Spoke to the customer care via a phone and they said they can't cancel the policy online as they need some cancelled cheque and a letter saying I want to cancel it(the irony of their system, they can trust u when they have to sell a product, but cannot take your word when you wish to cancel it) Post this I dropped an email to customer care and requested a cancellation. This all happened in 22 days of buying the policy (7 days later the cooling period getting over). for all of this, I'm being charged a whopping 25% of policy amount as cancellation fee which is HIGHLY UNFAIR. I tried contacting the customer care but it was futile. Would request you to help me with the same.

Here are the details-

Complaint No- RE: ICICILom:[protected] Want to cancel the policy

Agent's details- Satish, his number now stands invalid[protected]

Customer care representative (who was of no use)- Nitu Jumani

Look forward to some positive response.

Thanks,
Trusha